The World Bank’s 2020 Doing Business Index (DBI) Report has ranked Nigeria 131 out of 190 countries, up 15 places from 146th position last year.
The report, which was released Thursday, also named Nigeria one of the top 10 most improved economies in the world for the second time in three years.
Nigeria is one of only two African countries to make this highly prestigious list.
The Report is an annual publication that measures business regulations across 190 countries. In its latest study, World Bank ranked Nigeria in the top 10 economies where business climates have been improved.
Nigeria was ranked 15 in ease of getting credits or loans.
With this year’s leap, Nigeria has improved an aggregate of 39 places in the World Bank Doing Business index since 2016.
“Nigeria conducted reforms impacting six indicators, including making the enforcement of contracts easier, which placed its 200-million-person economy among the world’s top improvers,” World Bank said, in the statement.
Asides Nigeria, Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China and India were also named as part of the top 10 reformers globally in the report.
The recent World Bank projection is for the year 2020.
In a swift reaction to the announcement, President Buhari has expressed delight with the World Bank’s 2020 Index.
Welcoming the announcement, Buhari noted that “the movement of 15 places to 131 as well as the recognition being given to Nigeria as one of the top 10 most improved countries, that have implemented the most reforms this year, is significant”.